News

THE government has directed an arms manufacturing company controlled by the Zimbabwe National Army to halt lithium exports after unearthing explosive corruption linking its senior officials to illegal exports. There was outrage over government’s decision to grant the army’s Zimbabwe Defence Industries (ZDI) a special permit giving it exclusive rights to export raw lithium to […]

CENTRE for Natural Resource Governance (CNRG) executive director Farai Maguwu has warned that the proposal by Shalom Mining Corporation Private Limited (SMCPL) to explore Mana Pools for oil could result in an ecological disaster. In the Government Gazette dated April 28, 2023, Mines and Mining Development ministry permanent secretary Pfungwa Kunaka announced that SMCPL had […]

THE Mines and Mineral Amendment Bill expected to correct loopholes that resulted in the exploitation of the country’s minerals has been described as disadvantaging indigenous people who cannot afford the money required to mine strategic minerals. This was revealed in an adverse report tabled in Parliament by the Parliamentary Legal Committee’s chairperson Jonathan Samukange. In […]

VICTORIA Falls Stock Exchange-listed crocodile breeder Padenga Holdings Limited (Padenga) has returned to profitability after recording a turnover of US$127,9 million for the full year 2022, an increase of 68% from the previous year. In 2021, the group recorded a turnover of US$76,1 million. The financial year which ended on December 31, 2022, according to […]

KUVIMBA Mining House will inject US$1 million into ZISCO’s resuscitation strategy mainstreamed under the Mining Project and Steel Project in a development that is set to unlock opportunities for several businesses in the value chain. The Zimbabwe Iron and Steel Company (ZISCO) was the largest steel works in Zimbabwe employing about 5,500 people in the […]

Zimbabwe is talking up a US$12 billion mining industry and riding a lithium wave, but the country still has much to do to clear perceptions among some of the world’s most influential resource investors. An annual survey by Canada’s Fraser Institute, which polls over 2000 mining investors each year on where they prefer to invest, […]

Bikita Minerals expects to complete its new lithium processing plant in June, saying it has doubled revenue after metals giant Sinomine took over the country’s oldest petalite mine last year. Sinomine bought into Bikita last year in a US$180 million deal with African Metals Management Services and German investor Wilfried Pabst’s Southern African Metals and […]

GOLD deliveries to Fidelity Printers and Refiners (FPP) were down nearly 16% during the first four months of the year to 8,57 tonnes compared to the prior period owing to rains. During the comparable four-month period last year, gold deliveries totalled 10,17 tonnes, according to latest statistics from FPP. At yesterday’s gold prices ranging from […]

The International Monetary Fund (IMF) advised Zimbabwe not to adopt a gold-backed digital currency to address macroeconomic issues such as volatility in the local currency. Instead, they recommended that Zimbabwe liberalize its foreign exchange market. However, the country’s central bank began selling digital tokens on Monday to reduce demand for US dollars, currently the preferred […]

Gift Mugano, a professor of economics, has urged the Government to improve on governance and accountability of Zimbabwe’s natural resources following Invictus Limited Energy’s confirmation of the presence of “light oil, gas-condensate and helium” in its Cabora Bassa Basin (Muzarabani). The Australia-listed firm announced its find on Monday, 08 May 2023. Invictus Managing Director Scott […]